The global Animal Growth Promoters and Performance Enhancers Market Size was worth USD 6.23 billion in 2022 and is projected to reach USD 10.17 billion by 2032, growing at a revenue CAGR of 4.8% during the forecast period. The market is being driven by the growing demand for animal protein due to urbanization, population growth, and changing consumer preferences towards meat and dairy products. To meet this demand, manufacturers are developing new and innovative solutions to improve animal productivity and health using growth promoters and performance enhancers in animal feed.
The increased prevalence of animal diseases and the need for preventive healthcare are also driving demand for antibiotics and other veterinary drugs, including growth boosters and performance enhancers. This demand is expanding across various end-use industries, including poultry, swine, and cattle sectors, further driving the market's revenue growth.
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Some of the major companies operating in the animal growth promoters and performance enhancers market are:
- Zoetis Inc.
- Merck Co., Inc.
- Cargill, Incorporated
- Royal DSM N.V.
- Boehringer Ingelheim International GmbH
- Elanco Animal Health Incorporated
- Evonik Industries AG
- Archer Daniels Midland Company
- Alltech, Inc.
- Vetoquinol S.A.
- Hipr
Furthermore, there is a growing consumer interest in sustainability and animal welfare, which is leading to an increased demand for organic and natural animal feed additives. Consumers are becoming more concerned about the safety and quality of meat and dairy products, and as a result, manufacturers are investing in research and development to provide organic and natural animal growth boosters and performance enhancers, which is expected to drive revenue growth in the market.
Government regulations addressing food safety and animal welfare are also driving revenue growth in the market. Due to concerns about the emergence of antibiotic resistance in humans, governments worldwide are placing strict limitations on the use of antibiotics and other growth boosters in animal feed. As a result, manufacturers are creating safe and effective alternative growth boosters and performance enhancers, which is driving revenue growth in the market.
However, there are several factors that could hinder revenue growth in the market, including regulatory concerns, safety issues, and pricing constraints. Additionally, the increasing emphasis on plant-based diets and other sources of protein by consumers could potentially impact revenue growth in the market.
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Driving Factors:
- Rising demand for animal protein due to urbanization, population increase, and shifting consumer preferences for meat and dairy products.
- Use of growth promoters and performance enhancers in animal feed improving animal productivity and general health, driving manufacturers to create innovative and effective solutions.
- Increasing prevalence of animal diseases and requirement for preventive healthcare driving demand for antibiotics and other veterinary drugs.
- Rising consumer interest in sustainability and animal welfare driving the need for organic and natural animal feed additives.
- Government rules addressing issues with food safety and animal welfare, leading to the creation of safe and effective alternative growth boosters and performance enhancers.
Restraints:
- Regulatory concerns and safety issues.
- Pricing constraints.
- Rising consumer emphasis on plant-based diets and other sources of protein.
- Animal welfare concerns.
- The potential for negative effects on human health from the use of growth promoters and performance enhancers in animal feed.
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Key Advantages of Animal Growth Promoters and Performance Enhancers Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Animal Growth Promoters and Performance Enhancers industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Animal Growth Promoters and Performance Enhancers market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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